O EXPONENTIAL AND LOGARITHMIC FUNCTIONS Try again... Finding the final amount in at word problem on compound interest Try Again Austin borrowed $8000 at a rate of 19.5%, compounded annually. Assuming he makes no payments, how much will he owe after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent. ?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
icon
Related questions
icon
Concept explainers
Topic Video
Question

see attachment

O EXPONENTIAL AND LOGARITHMIC FUNCTIONS
Try again...
Finding the final amount in at word problem on compound interest
Try Again
Austin borrowed $8000 at a rate of 19.5%, compounded annually. Assuming he makes no payments, how much will he owe after 4 years?
Do not round any intermediate computations, and round your answer to the nearest cent.
?
Transcribed Image Text:O EXPONENTIAL AND LOGARITHMIC FUNCTIONS Try again... Finding the final amount in at word problem on compound interest Try Again Austin borrowed $8000 at a rate of 19.5%, compounded annually. Assuming he makes no payments, how much will he owe after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent. ?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Angles, Arcs, and Chords and Tangents
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill